DECISION TIME

DOW JONES INDUSTRIAL AVERAGE CLOSE

Decision time draws near. 

Investors headed for higher, safer ground yesterday as news was not as good as expected for many. One of the few positive sectors was the so-called safer, stodgy utilities and of course that old time favorite bonds. 
  
Stocks hitting 52-week lows exceed those hitting 52-week highs and volume traded in stocks going down on a daily basis is higher than the volume for stocks moving up. 

After yesterday's triple digit drop in the DOW, here are some overnight actions in Asia.

Here are the latest trading levels for Asia's major stock markets: Tokyo (Nikkei Average) down 2% ; Hong Kong (Hang Seng Index) closed for holiday ; Shanghai (Shanghai Composite Index) closed for holiday ; Sydney (S&P/ASX 200) down 0.7% ; Seoul (Kospi) down 0.9% ; Mumbai (Sensex) closed for holiday Taipei (Taiex) down 0.(Market Watch)

Japanese stocks were knocked hard on Thursday as weak global manufacturing activity and an Ebola health scare in the United States spooked world markets, sending investors scurrying to the safety of U.S. bonds, the yen and gold.


Investors warmed to the yen after a slew of surveys showed German factory activity shrank for the first time in 15 months, China's manufacturing sector barely grew, while the United States slowed more than expected.

Japanese equities led the selloff in Asia, with the backdrop of concerns over global growth and a sputtering domestic economy pushing Tokyo's Nikkei down a sharp 2.1 percent to three-week lows. (Reuters)
 
In the other news of interest for today is the ECB's plan for what it will do next. Patience continue to grow thinner and pressure mounts on ECB President's claim about "Whatever It Takes" and will whatever it is be enough to lead the EU out from its long-running economic doldrums.

At 7:45 a.m. ET on Thursday, the European Central Bank (ECB) will announce its latest decision on rates and monetary policy, with ECB president Mario Draghi taking press questions 45 minutes later. 
 http://www.businessinsider.com/what-to-expecte-at-the-october-ecb-meeting-2014-10#ixzz3Ey3SHBd2

Here's a chart about crude oil's recent weakness from http://www.crossingwallstreet.com/ that was posted yesterday.



 Over night crude stayed calm.

Crude-oil futures remained subdued in Asian hours Thursday after dropping for two consecutive trading sessions and settling at their lowest level this year. 

On the New York Mercantile Exchange, light, sweet crude futures for delivery in November CLX4, -0.61%  traded at $90.65 a barrel at last check, down $0.08 in the Globex electronic session. November Brent crude on London’s ICE Futures exchange LCOX4, -0.62%  fell $0.07 to $94.09 a barrel. 

Nymex WTI crude is down around 8% year-to-date and ICE Brent crude is down over 15% year-to-date in a bearish market, driven by weak demand, strong supply and a strong U.S. dollar.

Under the what's new category here's a story from today's WSJ about France's hate affair with austerity. You can bet ECB President Mario Draghi loves this one.

It is crunch time for the eurozone again. France's budget for 2015 pushes out yet further its efforts to reduce its deficit to below 3% of gross domestic product. "We refuse austerity," says French Finance Minister Michel Sapin. 

That is a challenge to the European Commission, which must decide this month if France's tax and spending plans comply with eurozone fiscal rules.

http://online.wsj.com/articles/frances-budget-tests-eurozone-tolerance-heard-on-the-street-1412173663